IT Examiner School

Examination – Access Wire & ACH Activities

Step 2 - Evaluate audit coverage by:

• Reviewing audit risk assessment, audit plan, audit policies & procedures, etc. • Reviewing the available reports for thoroughness. • General significance of audit findings • Is the scope & frequency of the ACH & wire audit coverage sufficient & based on risk? • Have findings been addressed by management? • ODFIs are required to conduct an annual audit of their compliance with the NACHA Operating Rules.

Examination – Access Wire & ACH Activities Step 3 - Evaluate policies and procedures: • Credit standards for intra-day overdrafts of ACH or wire transfer originations • Handling rejected/holdover transactions • Separation of duties • Daily balancing of accounts and transactions • ACH customer approval process, establishment of limits • Validation of wire requests through call-backs or other established authentication procedures • Incident response guidelines • Implementation of a comprehensive DR/BCP • OFAC policies and procedures (may be addressed only in BSA)